A governing body is authorized and may covenant and contract with the holders of revenue bonds to levy, charge and collect moneys pledged as security for the payment of revenue bonds in amounts sufficient to provide for the prompt payment of debt service and to provide an additional amount of money as coverage computed as a percentage of the amount of debt service scheduled to be payable in any given year.
30 ILCS 350/8
Coverage covenant
Known as the Local Government Debt Reform Act
The act spans §§ 30-350-1 to 30-350-9 (22 sections).
P.A. 85-1419.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.